Greener pastures corporation borrowed 1450000 on november 1, Ask an Expert

Accounting

Greener Pastures Corporation borrowed $1,450,000 on November 1, 2012. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2013.

Assets=Liability+StockHolders' Equity (In this format pleast)
(a) The note issued on November 1.
(b) The interest accrual on December 31.

Indicate the effects (accounts, amounts, and + for increase, ? for decrease) for the above transactions. (Enter all amounts as positive values.)

Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

1) Record the borrowing of $1,450,000.

2) Record the interest accrued on the notes payable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967754

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